Thinking about your retirement or getting close to retiring and wondering how much you will have to retire on? This retirement calculator will help you find your amount you need to save for retirement. The main purpose of a retirement calculator is to get you ready for your retirement and not be so overwhelming with savings and money.
|Age at retirement|
|Desired annual gross income on retirement (£)|
|Current value of pension fund (£)|
|Current monthly pension contribution amount (£)|
|Annual pension assets growth risk profile (%)|
|Projected value of pension fund at retirement (£)|
|Expected annuity rates at retirement (%)|
|Projected gross pension income without tax-free lump sum (£)|
|Tax-free lump sum to be taken upon retirement (max 25% of fund)|
|Projected gross pension income after taking tax-free lump sum (£)|
|Required value of pension fund at retirement after tax-free lump sum of 0% deducted (£)|
|Gross pension income shortfall per year (£)|
|Pension fund shortfall (£)|
|Extra monthly contributions required to make up shortfall (£)|
1. Fill in your current age followed by the age that you plan to retire on.
2. Add your desired annual income for retirement.
3. Add your current pension fund value.
4. Next add the current pension monthly contribution.
5. Add the annual pension assets growth risk percentage.
6. Enter your projected value of your pension fund at retirement.
7. Next will be your expected annuity rate at retirement.
8. Projected gross pension income without tax free lump sum.
9. Enter in your projected gross pension income after taking tax-free lump sum.
10. Add the required value of pension fund at retirement after tax-free lump sum of 0% deducted.11. Following with gross pension income shortfall per year.12. The pension fund shortfall is next.
13. Lastly enter the extra monthly contributions required to make up shortfall.